6 Things AP Departments Must Know About Virtual Cards

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Paying suppliers with virtual cards is a hot topic in accounts payable. Virtual cards are particularly prevalent in the financial services industry, with 81 percent of organizations adopting the payment method. Many AP leaders are unsure about the role that virtual card payments can play in their payment mix. Other AP leaders mistakenly believe that suppliers are unwilling to accept payments via virtual card. Some fear that virtual cards will leave their organization more vulnerable to fraud.

The fact is that virtual cards are an increasingly valuable tool for optimizing a buyer's payments. Here are 6 things you must know about paying suppliers with virtual cards.

  1. Virtual Cards are not the same as procurement cards or p-cards.
  2. Virtual Cards can transform AP into a profit center
  3. Virtual card payments can improve working capital
  4. Virtual card payments result in fewer exceptions
  5. Virtual Cards are the most secure form of payment
  6. Virtual Cards offer suppliers significant benefits

Continue to read more on these 6 different instances regarding virtual cards, here.

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